The Abu Dhabi Investment Authority (ADIA) and Meliá Hotels International are finalizing the creation of a joint venture that will include 24 hotels to be acquired by the third largest sovereign wealth fund in the world.
This joint venture would include the hotels that the Abu Dhabi fund is trading in Spain. The partnership would include the 17 establishments that are part of the Equity Inmuebles portfolio, which were initially supposed to be in the hands of Meliá, and seven others of Meliá’s Calvia Beach project.
The project is said to be worth 1 billion euros, as Adia has offered the Calero, Briones and Mazin families (Equity Inmuebles) 700 million euros for the assets and another 300 million to acquire the 51% stake that Avenue Capital holds in the Calviá Beach project. .
According to sources quoted by the Spanish newspaper El Confidencial, the plan would be to have the whole structure in place by the end of the summer and Meliá Hotels International would be the minority partner.
If the joint venture goes through, the portfolio would include the Meliá South Beach, Sol Wave House all Suites, Sol Barbados, Meliá Calviá Beach, Sol House The Studio-Calviá Beach, Sol Guadalupe and Innside by Meliá Calviá Beach hotels, as well as the Wave House leisure and the beach club Nikki Beach Mallorca (Calvia Beach Project).
There are also 17 Equity Inmuebles hotels: five under the Meliá brand (Baqueira Beret, Madrid, Marbella, A Coruña and Chiclana de la Frontera), the ME Madrid Reina Victoria, three Sol assets and eight operated under the Tryp brand.